Bellerin was voted the best right-back in the Premier League last season and has continued to impress for Arsenal this season.
His form has attracted the interest of his former club, Barcelona and Manchester City, but Arsenal have tied the 21-year-old to a new six-and-a-half-year contract.
The defender who is currently sidelined with an ankle injury will now earn £100,000 per week with his new deal.
“Hello everyone, sorry to keep you guys waiting, I had a very big meeting next door. I just wanted to say that I just signed my new deal with the club, so I'm really, really, really happy,” Bellerin said in a video posted on Arsenal's Twitter account.
Bellerin joins the top earners at the club which include Theo Walcott, Alexis Sanchez and Mesut Ozil.
Arsenal are now looking to tie Sanchez and Ozil to new contracts.